According to a new study conducted by the Business Development Bank of Canada (BDC), the entrepreneurial spirit in Canada has grown by leaps and bounds over the last couple of years. This diverse boost can be attributed to the growing number of immigrants in the country.
The study states that newcomers to Canada have a higher chance of starting businesses and engaging in start-ups. This automatically leads to economic growth and ends up creating more net jobs per enterprise. The study states that immigrants are more likely to embrace the chance of being an entrepreneur as compared to the Canadian-born population.
The report by the BDC further states that the entrepreneurial rate among new immigrants in the country is over double the rate for native Canadians. Hence, newcomers are twice as likely to support an entrepreneurial project and bring it to life.
The study considered anyone who contributed to getting a business off the ground. Not only have they included the figures for people who started their own business, but they also included people acquiring businesses and established a healthy economic balance. 2018 saw the number of immigrant entrepreneurs rise up to 251,600. This marked a 22 percent increase as compared to 2006.
It is expected that immigrants will form up to 80 percent of the Canadian population by 2032, and the BDC predicts that the trend will fuel the spread of entrepreneurship in the country over the next decades. The BDC reports that with Canada becoming more and more diverse, the entrepreneur class will also go down the same path. Women, older Canadians, and Millenials are also pursuing entrepreneurial ventures.
Entrepreneurs thrive on the pressure of their work and feel professionally satisfied. Certain skillsets tend to enhance the entrepreneurial success and they can be acquired with some effort.